Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Labcorp (LH). LH is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 15.79. This compares to its industry's average Forward P/E of 18.23. Over the last 12 months, LH's Forward P/E has been as high as 17.15 and as low as 12.57, with a median of 14.37.

Investors will also notice that LH has a PEG ratio of 1.88. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. LH's PEG compares to its industry's average PEG of 2.07. Within the past year, LH's PEG has been as high as 1.88 and as low as 1.41, with a median of 1.59.

We should also highlight that LH has a P/B ratio of 2.35. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.47. Within the past 52 weeks, LH's P/B has been as high as 2.52 and as low as 2.04, with a median of 2.33.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Labcorp is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, LH feels like a great value stock at the moment.

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